Deals

WPP is preparing to lock horns with Bain Capital in Tokyo, after the Boston-based private equity firm launched a $1.3bn tender offer for Japan’s third-biggest advertising agency — a long-term business partner of the UK-listed giant. Just hours after Bain’s offer was made public, people close to WPP said on Monday night that it did not intend to sell its 24.7 per cent stake in Asatsu-DK (ADK) at the ¥3,660 price offered by Bain, as the tender “severely undervalues” the Japanese firm.

Around 60% of suppliers to the UK’s event industry are facing collapse within three months unless event businesses receive further support from the government. Of those businesses, 6% said they are unlikely to make it to the end of April.